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Evoke, the parent company of William Hill, may shutter up to 200 betting shops across the United Kingdom if gambling duties increase under Chancellor Rachel Reeves’ upcoming autumn budget. The potential closures could reshape the country’s retail betting landscape as operators brace for policy changes.
Good to Know
According to reports from The Guardian and The Sunday Times, Evoke is running financial models ahead of the 26 November budget announcement. The FTSE 250-listed company is examining how potential gambling tax increases might impact its retail division, which has already been under pressure from mounting costs and changing player habits.
Evoke’s 2022 £2 billion ($2.66 billion) acquisition of William Hill left the group carrying £1.8 billion ($2.39 billion) in debt. The deal, mostly funded through borrowing, has weighed heavily on its balance sheet. In the first half of the year, the company reported a £78 million ($103.1 million) pre-tax loss, reflecting tight margins across both retail and online operations.
Analysts suggest that further tax rises could tip several betting shops into unprofitability. “A tax hike could force closures and divert future investment abroad,” warned rival group Entain, owner of Ladbrokes and Coral, which has voiced similar concerns.
The issue has drawn increasing attention from policymakers. Former Prime Minister and Chancellor Gordon Brown recently pointed out that, excluding the National Lottery, the UK betting and gaming industry generated £11.5 billion ($15.4 billion) in revenue last year but contributed only £2.5 billion ($3.32 billion) in taxes. He argued that up to £3 billion ($3.99 billion) more could be raised through adjusted rates.
Research by the Institute for Public Policy Research (IPPR) supports that view, estimating that aligning gambling taxes more fairly could bring in £3.2 billion ($4.27 billion) and potentially help lift half a million children out of poverty.
In response, a Treasury spokesperson clarified: “We are consulting on bringing online betting in line with other forms of online gambling to cut down bureaucracy. It is not about increasing or decreasing tax rates, and we welcome all views.”
For now, Evoke is running contingency plans, including property rationalization and staffing reviews. While nothing is confirmed, insiders describe the review as “serious,” with board discussions ongoing as the budget date nears.
The company continues to emphasize its long-term commitment to the UK market but acknowledges that “tough decisions” may be required if profitability falls.